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PC Financial is a wholly owned “virtual” subsidiary of CIBC, one of the 6 big Canadian banks in a closed market. I opened an account with them not long ago, and that’s when the troubles started.

First, there were unauthorized charges on my credit card, which I disputed via their convoluted process. I faxed them the requested responses, but they pretended they did not and denied my request, forcing me to pay for their mistake. Then, when it came to insure my home, their broker CSR told me they purposely falsified my application (otherwise, according to them, the property was not insurable), causing me to pay premiums for a policy that would most likely not have been honoured in case of need. On yet another occasion, I deposited a foreign cheque, yet the exchange rate had not been calculated as they stated causing me to once again lose money. I called repeatedly, I’d be placed on hold, then they’d hung up.

Finally, on October 1, 2011, I deposited some money into my account. Here’s that transaction slip:

As you can see, it clearly shows October 1 as the deposit date. Howver, upon checking the online statement, I’ve found this:

As it is clearly visible, the deposit is recorded for October 3, TWO days later, after the balance had dropped below zero, in negative territory, allowing the bank to charge later on a hefty overdraft fee. I tried downloading my transactions in order to check for other similar fraudulent accounting, but could not:

I attempted to send an inquiry:

So far, I received no response and the fraudulent charges have not been reversed.